Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
The Federal Reserve dialed up its growth expectations slightly while keeping its inflation projection unchanged.Marketsread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The Fed has become increasingly divided, with three officials voting against the Fed's quarter-point cut to the fed funds target rate range.Market Insiderread more
For consumers, lower rates do mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. n the flip side, you'll earn...Personal Financeread more
Gold edged lower on Wednesday but held about the key $1,500 per ounce level after the U.S. Federal Reserve decided to cut interest rates.Futures & Commoditiesread more
Department stores may be rallying this week, but there is a "big problem" ahead in the form of Amazon, retail consultant Jan Kniffen said Friday.
That's because right now Amazon only has 3 percent of retail sales but 50 percent of the growth in sales, he told CNBC's "Power Lunch."
"We are going to see 50 percent of sales online, non-bar, non-restaurant, by 2030," said Kniffen, a CNBC contributor.
Matthew Boss, equity research analyst for JPMorgan, believes that right now there is a balance of power playing out with the retailers.
"The reality is it comes down to the brands," he told "Power Lunch."
Smaller, regional players will be losers and Macy's may become more of a destination, he noted.
"They are all trying to battle with Amazon," said Boss.
Retailers have been struggling but saw a boost this week, with Macy's and Nordstrom both rallying after reporting earnings on Thursday that beat Wall Street estimates. On Friday, J.C. Penney reported a smaller-than-expected loss. Shares were up about 7 percent in midday trading.
"The theme this week from the department stores was less bad," Boss said.
"Every single one of the department stores on the top line improved roughly 2 to 3 percent versus the first quarter. You had the warmest winter in history this past fall and winter followed by an atrocious first quarter where they had excess inventory," he added.
Therefore, if the department stores can continue to show sequential improvement, he thinks stocks will follow.
Kniffen is also expecting improvement in the back half of the year. However, he called July's retail sales numbers "worrisome."
Those sales were unexpectedly flat for the month.
"If this is not a blip, this could be a problem," Kniffen said. "I don't think the consumer is that strong. I don't think the economy is that strong."
Disclosures: Macy's, J.C. Penney's and Nordstrom are investment banking clients of JPMorgan. JPMorgan Securities plc and/or an affiliate is a market maker and/or liquidity provider in securities issued by Nordstrom, Inc., J.C. Penney Co., Inc., Macy's Inc. JPMorgan current'y has, or had within the past 12 months, the following entities as clients, and the services provided were non-investment banking, securities-related: Macy's, J.C. Penney, Nordstrom.